About LooksRare
LooksRare is a decentralized NFT marketplace built on the Ethereum blockchain, launched in 2022 as a Web3 alternative to leading platforms like OpenSea. It enables users to buy, sell, and auction a wide range of NFTs, including digital art, collectibles, gaming assets, and metaverse items. Unlike fully centralized competitors, LooksRare emphasizes community participation through its native governance token ($LOOKS), allowing users to vote on platform changes and proposals. The platform’s core appeal lies in its lower transaction fees (around 2%), transparent operations, and direct rewards for active users via a trade-to-earn model. Users who transact NFTs receive $LOOKS tokens, which can also be staked for additional returns. Transactions primarily occur in Ethereum (ETH), with no built-in support for direct Euro (EUR) or credit card payments—requiring European users to acquire ETH through regulated exchanges. LooksRare supports standard NFT verification protocols and aims for a fair user experience by promoting authenticity among collections. However, as a fully decentralized operation, users themselves must manage compliance with evolving European crypto regulations and navigate marketplace risks, such as volatile token rewards and limited support. Overall, LooksRare targets crypto-savvy collectors and traders seeking lower fees, direct rewards, and a voice in platform governance, balanced against practical trade-offs in user protection and regulatory clarity, especially for European participants.
What are alternatives for LooksRare
👍 Pro's of using LooksRare
- Lower fees (around 2%) than major competitors, increasing profitability for traders and collectors.
- Trade-to-earn incentives let active users earn $LOOKS tokens, with additional returns possible via staking.
- Community governance gives users a direct say in platform decisions via token-based voting.
- Large, diverse NFT offering with support for well-known projects and new collections.
- Emphasis on decentralization and transparency reduces centralized control and potential for censorship.
👎 Con's of using LooksRare
- European users face regulatory uncertainty and must self-manage tax and compliance obligations.
- $LOOKS token rewards and staking are volatile, which can rapidly affect returns’ real-world value.
- Trading volumes and liquidity are lower than OpenSea, making high-value sales more challenging.
- Continued dependence on the Ethereum network means gas fees can be significant during high-traffic periods.
- No Euro or credit card payment support; acquiring ETH is an extra step that can discourage newcomers.
